||Last Updated: Oct 9, 2015 - 12:32 AM
Sep 5, 2014 - 4:19 PM
US nonfarm payroll employment rose by 142,000 in August, and the unemployment rate was little changed at 6.1% according to the US bureau of Labor Statistics Friday. Employment rose in professional and business services and in health care.
Sep 4, 2014 - 4:37 PM
US data issued Thursday point to robust economic activity in August following strong car sales reports this week - - the private sector added 204,000 jobs in the month and services PMI indicated acceleration in the services sector while the trade deficit narrowed in July.
Sep 4, 2014 - 8:01 AM
Swiss banks are engaging in a game of cat-and-mouse by positioning themselves to the best advantage in a United States tax evasion scheme that promises non-prosecution in exchange for owning up to past offences.
Sep 1, 2014 - 1:59 AM
Jobs in US factories fluctuated around 18m workers between 1965 and 2000 (during a period of rising population) before plunging 18% from March 2001 to March 2007, according to a Federal Reserve paper published last April. Employment has recovered from the trough of December 2009 but not to pre-recession levels.
US annualised GDP (gross domestic product) rose increased 4.2% in the second quarter of 2014, according to the “second” estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP decreased 2.1%. The second-quarter growth rate was revised up 0.2%age point from the “advance” estimate released in July.
Aug 28, 2014 - 3:51 PM
Bank of America has agreed to pay $16.65bn to settle the government's accusations of "major financial fraud" involving selling mortgage securities before the outbreak of the financial crisis, in the biggest settlement ever reached between the US and a single company.
Aug 21, 2014 - 3:03 PM
Capex: We reported last January that according to Thomson Reuters data, big companies around the world held almost $7tn of cash and equivalents on their balance sheets at the end of 2013 - - more than twice the level of 10 years ago. Weak non-residential business investment is reflected in recent data that the average age of US industrial equipment at over 10 years is at the highest level since 1938.
Aug 15, 2014 - 8:28 AM
The Federal Reserve’s vice-chairman on Monday warned that future US and global growth may remain subdued.
Aug 12, 2014 - 9:35 AM
The US Treasury Department confirmed on Tuesday said that it is exploring ways to provide a partial fix for to stop tax inversions where US companies shift their headquarters overseas in search of lower corporate tax rates.
Aug 6, 2014 - 8:47 AM
US real gross domestic product (GDP) -- the output of goods and services -- increased at an annualized rate of 4.0% in the second quarter of 2014, according to the "advance" estimate released today by the Bureau of Economic Analysis. In the first quarter, real GDP fell 2.1% (revised).
Jul 30, 2014 - 2:27 PM
The US Conference Board Consumer Confidence Index, which had improved in June, increased in July. The Index now stands at 90.9 (1985=100), up from 86.4 in June. The Present Situation Index increased to 88.3 from 86.3, while the Expectations Index rose to 92.7 from 86.4 in June.
Jul 29, 2014 - 5:02 PM
US home prices slowed sharply to a single-digit rate in May on a year-over-year basis, the slowest rate since February 2013, according to a key big-city home-price report.
Jul 29, 2014 - 4:59 PM
Sales of new US single-family houses in June 2014 were at a seasonally adjusted annual rate of 406,000, according to estimates released jointly Thursday by the US Census Bureau and the Department of Housing and Urban Development. This is 8.1% below the revised May rate of 442,000, 4.9% down in the first half of the year and is 11.5% below the June 2013 estimate of 459,000.
Jul 25, 2014 - 8:21 AM
Jul 25, 2014 - 3:07 AM
Barack Obama on Thursday in Los Angeles attacked US firms for using so-called tax inversions where they move their address/ tax residency to countries like Ireland which he called "cherry-picking the rules" and damaging the country's finances and the economy. In a CNBC interview the president cited Ireland by name.
Up to 25 more US companies are set to move overseas to cut their tax bills this year, a Democratic senator has warned on what he termed the "virus" of tax inversions.
Jul 23, 2014 - 8:12 AM
The US Senate Permanent Subcommittee On Investigations said in a report issued Monday that Wall Street banks sold structured products known as basket options that enabled hedge funds to avoid taxes over a decade with Renaissance Technology, one of the biggest, savings as much as $6.8bn in taxes.
Jul 22, 2014 - 7:28 AM
US housing starts in June were at a seasonally adjusted annual rate of 893,000, a little over half of the estimated normal build rate. Other housing indicators for the month were also poor in a sign that the economy continues to struggle.
Jul 18, 2014 - 8:24 AM
Brookings Institution, the Washington DC think-tank, gives Dublin an 8th ranking in the top global cities "sending" FDI (foreign direct investment ) to the US, which accounts for 141,600 American jobs -- the Reality Check is that this claim is mainly a fiction.
Jul 17, 2014 - 8:09 AM
The richest 1% is richer than previously thought and instead of an estimate of the richest controlling 30% of US wealth it may be as high as 37%, while Germany’s richest hold 33% of the country's wealth compared with the 24% survey data previously indicated, according to European Central Bank (ECB) research.
Jul 16, 2014 - 9:21 AM
With the Republican-controlled House of Representatives refusing to take action on immigration reform and after over 50,000 child migrants having crossed the southern United States border since late last year, the billionaire Sheldon Adelson, a casino mogul who is a big Republican donor, has teamed up with fellow billionaires, Warren Buffett, America's best known investor, and Bill Gates, the co-founder of Microsoft, to lambaste Congress on immigration inaction.
Jul 11, 2014 - 1:33 AM
Hiring data in recent days has boosted confidence in the US economy while on Tuesday, the report that UK industrial and manufacturing production both dropped in May, down by 0.7% and 1.3% respectively, put a dent in the recent optimistic outlook for the UK economy.
Jul 9, 2014 - 4:46 AM
US nonfarm payroll employment rose by 288,000 in June, and the unemployment rate declined by 0.2 percentage point to 6.1%. Job gains were widespread, led by employment growth in professional and business services, retail trade, food services, and health care.
Jul 3, 2014 - 3:02 PM
US companies spent almost $600bn in buying-back their own shares in 2013 and this was almost a third of capex: capital expenditure represented by the nominal purchases on plant, equipment and intellectual property spent by the economy’s entire business sector.
Jul 2, 2014 - 8:35 AM
The trend of declining business investment in developed economies that has been evident during the financial crisis has been observed since the early 1990s.
Jun 27, 2014 - 7:02 AM
US real gross domestic product (GDP) fell an annualised 2.9% in the first quarter of 2014, according to the third estimate released today by the Bureau of Economic Analysis. In the fourth quarter of 2013, real GDP increased 2.6%.
Jun 25, 2014 - 3:18 PM
Sales of newly built US homes jumped in May to their highest level in six years, while a city home price index covering both 10 and 20 major US cities rose 10.8% in the year ended in April, according to the S&P/Case-Shiller Home Price Index report. The 20-city price index is down from a 12.4% yearly rate in March and year-over-year growth of 13.7% in November.
Jun 24, 2014 - 4:36 PM
The International Monetary Fund (IMF) in a statement on the conclusion of an annual review of the US economy that was issued Monday, cut its forecast of economic growth in 2014 and it said inflation will remain below the Federal Reserve's 2% target through 2017. It recommends the central bank should keep its policy rate near zero even longer than investors now expect.
Jun 17, 2014 - 2:20 AM
US nonfarm payroll employment rose by 217,000 in May, and the
unemployment rate was unchanged at 6.3% according to the Bureau of Labor
Statistics today. Employment rose in professional and business
services, health care and social assistance, food services and drinking
places, and transportation and warehousing. With the gains in May,
payroll employment now exceeds its pre-recession level. Nonfarm payroll
employment fell by 8.7m from January 2008 through February 2010. Since
then, employment has risen by 8.8m. - - meaning all the jobs that were
lost during the recession have been recovered. Of course the population
has also increased since 2008.
Jun 6, 2014 - 3:01 PM
The 13 Swiss banks still under tax evasion scrutiny from the United States Department of Justice (DoJ) have little hope of escaping with a light sentence following the large penalty imposed on Credit Suisse this week. Some relatively big hitters remain on the DoJ hit list.
May 26, 2014 - 10:58 AM
Switzerland’s second largest bank, Credit Suisse, has been fined more than $2.6 billion (CHF2.3 billion) after pleading guilty to criminal charges of helping United States clients to evade taxes.
May 20, 2014 - 5:55 AM
The question to Timothy Geithner could not have been more blunt: Why, asked Oregon Sen. Ron Wyden, had Geithner failed to adequately regulate the banking giant Citigroup during his tenure as president of the Federal Reserve Bank of New York?
May 19, 2014 - 8:22 AM
The US added jobs in April at the fastest pace in more than two years and the jobless rate plunged, signalling that the economy rebounded from a winter slide. Nonfarm employment grew a seasonally adjusted 288,000 last month, the Labour Department said. That marked the best month of job creation since January 2012 and the second-best month since the economy emerged from recession in mid-2009. The jobless rate dropped to 6.3% from 6.7%, hitting the lowest level since September 2008.
May 2, 2014 - 3:49 PM
Two US manufacturing PMI (purchasing managers' index data) surveys published Thursday show strong growth in April.
May 1, 2014 - 4:55 PM
US economic growth shuddered to a halt in Q1 2014 making the first quarter one of the weakest paces of the five-year recovery as poor weather appeared to have stalled business investment while weak overseas demand hit exports.
Apr 30, 2014 - 4:39 PM
US nonfarm payroll employment rose by 192,000 in March, and the unemployment rate was unchanged at 6.7%. Employment increased in professional and business services, in health care, and in mining and logging.
Apr 4, 2014 - 3:18 PM
Dr Peter Morici: Friday, the US Labor Department is expected to report the economy added 206,000 jobs in March. A significant improvement over January and February when harsh weather depressed hiring, this is still well below the pace needed to lower unemployment to an acceptable level.
Apr 4, 2014 - 8:49 AM
Corporate Tax: Hearings by the US Senate Permanent Subcommittee on Investigations Tuesday, on the Caterpillar scheme that was devised by PwC (PricewaterhouseCoopers), showed how easy US corporate taxes can be dodged and the huge money-making incentive the Big 4 accounting firm has in maintaining the status quo.
Apr 2, 2014 - 10:22 AM
PMI (purchasing managers' index) surveys published today by the Institute of Supply Management and Markit, a London-based financial information service, show that the US manufacturing sector strengthened in March.
Apr 1, 2014 - 4:43 PM
US Corporate Tax: Caterpillar Inc., the giant American equipment manufacturing firm, used a wholly owned Swiss affiliate to shift $8bn in profits from the United States to Switzerland to take advantage of a special 4 to 6% corporate tax rate it negotiated with the Swiss government and defer or avoid paying $2.4bn in US taxes to date, a new report from Senator Carl Levin, the chairman of the US Senate Permanent Subcommittee on Investigations shows. PwC (PricewaterhouseCoopers) earned $55m for its advice on the move.
Apr 1, 2014 - 8:40 AM
US non-financial companies rated by Moody's held $1.64tn in cash at year-end 2013, up 12% from the prior record of $1.46tn a year earlier, Moody's Investors Services says in a new report, "Cash Pile Grows 12% to $1.64tn; Overseas Holdings Continue to Expand." The top 50 holders of cash account for $1.04tn of the total, and entry to the top 50 list now requires $5.7bn in cash. Overseas cash is estimated at $947bn, or 58% of current total cash.
Apr 1, 2014 - 8:08 AM